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Friday, October 07, 2011
Daily News Roundup - Oct 7 2011
Videocon Industries have made a natural gas discovery in Mozambique. The discovery may hold at least 10 trillion cubic feet of reserves. (BS)
Godrej Properties, the real estate development arm of the Godrej Group, has entered into a joint development agreement with Godrej & Boyce for the latter’s land parcels at Vikhroli suburb of Mumbai. (ET)
After threatening to cut supplies, Reliance Industries withdrew the notice for suspension of natural gas supplies to four fertiliser plants in Uttar Pradesh, saying it will work with urea manufacturers to resolve outstanding issues. (BS)
Nifty falls for 4th straight day
Indian markets extended its declining streak to fourth straight trading session as banking stocks were once again mercilessly hammered on Wednesday. Moody’s Investor Service had yesterday downgraded SBI, shares of the public sector banking major slumped another 4%. The Banking index on the BSE and NSE were each down more than 2.5%.
Markets had opened with a positive bias tracking a sharp rally in the last hour of the US trading session, the benchmark indices did manage to remain in the green for first half of the day however eventually gave away all its gains led by selling seen in the Banking, Metals, Oil & Gas and Consumer Durables stocks. Even the Mid-Cap and the Small-Cap index lost 1% each.
Recovery on the Street!
Business and life are like a bank account – you can’t take out more than you put in. – William Feather.
Its déjà vu time for central banks in the developed world, as they ramp up efforts to calm nervous financial markets amid mounting fears of double-dip recession. The Bank of England surprised markets with a fresh round of monetary stimulus despite inflation running high. ECB’s outgoing president Jean Claude Trichet unleashed a couple of liquidity boosting programs to relieve tension in the European credit markets. Eurozone authorities have shown readiness to recapitalise banks as the region's sovereign debt crisis threatens to spiral out of control.
Bullion metals add luster
Prices rise as investors return to bullions due to ongoing comparative lower prices
Precious metals ended higher on Wednesday, 05 October 2011 at Comex. Prices gained as recent low prices lured investors back to precious metals. A day earlier, both gold and silver sold off throughout the session to finish near session lows.
Gold for December delivery rose $25.6 or 1.6%, to end at $1,641.6 an ounce on the Comex division of the New York Mercantile Exchange on Wednesday. For the month of September, gold shed 11%. It registered a rise of 8% for the third quarter ending September.
Crude shoots up
Prices rise as crude stockpiles show unexpected decline
Crude prices jumped substantially at Nymex on Wednesday, 05 October 011. A better than expected private sector job report coupled with latest weekly inventory of crude and crude stockpiles showing surprise decline for last week pushed up prices.
Light and sweet crude for November delivery rose $4.01 (5.3%) to $79.68 a barrel on the New York Mercantile Exchange on Wednesday. For the month of September, oil futures lost 11%, and for the quarter, crude incurred losses of 17%. It was the worst quarterly performance for crude in almost two years.
Market may open higher on firm Asian stocks
The market may open higher tracking firm Asian stocks. Trading of S&P CNX Nifty on the Singapore stock exchange indicates a gain of 48 points at the opening bell.
Key benchmark index fell for the fourth straight day amidst high volatility on Wednesday, 5 October 2011 as data showing a decline in service sector activity in September 2011, data showing resumption of selling by foreign funds at the beginning of this month, and likely muted-to-weak Q2 earnings weighed on sentiment. The BSE Sensex lost 72.45 points or 0.46% to settle at 15,792.41, its lowest closing level since 5 February 2010.
Markets may rise at start
The steps have been taken by the European Central Bank to ease some of the pressure on European banks. Tracking gains across the globe, the Indian markets are set to begin on a positive note.
Headlines for the day:
Bosch workers to decide on intensifying strike
NMDC lines up Rs 2,450-crore capex
SAIL seeks gas for Jagdishpur power plant.
Muthoot Fincorp to set up 50 branches in Rajasthan
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